AGL Energy has rejected the first salvo in a multi-billion takeover play by a consortium led by tech billionaire Mike Cannon-Brookes to fast-track Australia's exit from coal-fired power.
AGL's power assets are vital for the running of the national electricity market, as well as being Australia's most polluting power stations, and the bidders are serious about an energy transition.
The consortium on Monday said it intends to spend A$20 billion to transform AGL's generation fleet consistent with a target to limit global warming to 1.5 degrees.
